Overview
- NVIDIA has reduced and restructured its support for the planned 10 GW OpenAI campus, trimming an earlier reported guarantee down to below $120 billion and proposing coverage only for the first about 5 GW.
- Investor concern over the size of NVIDIA’s balance‑sheet exposure pushed the change and followed reports of a much larger guarantee that coincided with an immediate drop in NVIDIA’s share price.
- NVIDIA announced a new compute‑financing platform backed by six large asset managers that aims to marshal roughly $500 billion of outside capital to finance chip purchases and move risk off NVIDIA’s books.
- OpenAI continues to negotiate a binding lease for the full 10 GW and may sign in the coming days, but financing for the second 5 GW and separate chip‑procurement funding remain unresolved.
- The deal combines lease guarantees, construction credit enhancement and large chip‑procurement loans, and those separate financing pieces — plus reported state and foreign support for power and funding — will determine whether the project proceeds at the announced scale.